News

Retraction

Published

11 years ago

on

December 16, 2015

By

Feyijimi Emmanuel

In our online publication of National Daily, we inadvertently published a story titled “Lagos Stock Broker Convicted Over Share Theft, Forgery Among Others” in which it was alleged that one Mr Adewale Adegboyega, Managing Director of Inter Capital fraudulently credited the stock accounts of Mr Idris Asunmo, accounts of his spouse and companies related to him with stolen fund upon which the former was convicted. We have since investigated and found out to be untrue, any link to the said Mr Asunmo and accordingly retract this aspect of the story in its entirety. We regret any inconveniences our report may have caused. We are deeply sorry.
Signed: Editor

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Rising Tensions Between Regulators and Airlines The financial strain has coincided with renewed friction between the Nigeria Civil Aviation Authority (NCAA) and the Airline Operators of Nigeria (AON), following disputes over the remittance of statutory charges and the delivery of regulatory services. Operators say the situation reflects deeper systemic liquidity stress across the sector, where airlines are increasingly unable to meet overlapping obligations imposed by aviation agencies while maintaining operational stability. A Layered and Fragmented Tax System At the centre of industry complaints is what operators describe as a “multi-layered and excessive” taxation structure involving the NCAA, the Federal Airports Authority of Nigeria (FAAN), and the Nigerian Airspace Management Agency (NAMA). Airlines such as Air Peace, Ibom Air, and United Nigeria Airlines are subject to a range of compulsory charges, including the 5% ticket levy, passenger service charges, value-added tax on tickets and aviation inputs, and other operational deductions collected at different stages of the value chain. Industry players argue that the system creates cash flow distortions because several charges are collected upfront or deducted at source, leaving airlines with reduced working capital for day-to-day operations. Beyond ticket-based deductions, carriers also face landing fees, parking charges, overflight fees, navigation levies, and ground handling costs. Combined with jet fuel, which accounts for a significant share of total operating expenses, analysts say profitability on many domestic routes has been severely constrained. 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